Market research is a systematic attempt to gather data about target markets and customers; it is a systematic attempt to learn everything you can about them, starting with who they are. It’s a vital part of a company’s strategy and plays a key role in staying competitive. It is a way that producers and the marketplace study the consumer and gather information about the consumer’s needs. For many years, the market research sector has evolved into a highly valuable tool for businesses to use in order to improve their business and marketing strategies. Because traditional consulting is both costly and time-consuming, SurveySensum is changing the game and ushering in a digital revolution in market research. SurveySensum is bringing a fresh means of gathering customer feedback across numerous channels and offering insights in real-time for businesses to take faster actions and better understand their consumers, with the goal of making research accessible and inexpensive to mid-sized and large corporations. The Text Analytics function analyses millions of open-ended data using AI and machine learning, saving a tonne of time and effort. As a result of this entire revolution, market research has been thrown into disarray.
Neurosensum, its parent company, uses neuroscience-based approaches in market research to comprehend the subconscious minds (the unspoken minds) of consumers using EEG, facial coding, and eye-tracking. It delivers data-backed insights to the clients for improved business decisions that combine with conscious answers. On the other hand, SurveySensum is a customer feedback management platform that helps to launch NPS, CES, CSAT, and other marketing-related surveys (Brand tracking, creative testing, etc.) as well as expert guidance on what questions to ask, how to analyse results, and prioritise actions that will help to achieve the business goals. Throughout the customer journey, you can send surveys via email, WhatsApp, SMS, and social media, set up notifications to close the loop, evaluate data with real-time journey-based dashboards, and comprehend verbatim, including native languages, with Text and Sentiment analysis to prioritise business activities.
Accomplishments along the way
When SurveySensum was founded in the year 2018, it was a proud time. It has successfully completed three rounds of financing and is already profitable. SurveySensum works with over 125 major and mid-size businesses around the world in industries such as FMCG, telecommunications, banking, insurance, e-commerce, healthcare, and automotive. The company was able to save 70–80 percent of the initial costs and 80–90 percent of the total time submerged for all of the clients. The headquarters are in Singapore, and extend to Indonesia, India, and the United States, with Singapore remaining our main hub for the SEA area. SurveySensum emerges with the tagline “NPS, CES, and CSAT Surveys, for Customer Experience and Support Teams.”
Rajiv Lamba – Founder and CEO of NEUROSENSUM & SURVEYSENSUM
Mr. Rajiv Lamba, a seasoned Market Research expert, is the Founder and CEO of NEUROSENSUM & SURVEYSENSUM. He believes in developing ‘Quality Leaders for Tomorrow,’ motivating his staff to achieve more and learn more every day.
His remarkable account, as Managing Director, shows how he successfully grew Kadence Indonesia from $2 million to $10 million. He challenged the status quo and created jobs for nearly 2000 individuals across Indonesia, as well as inspiring many more to become future leaders. As proud as he can be, he can tell you that seven of his former colleagues are now effectively running their own businesses, moving the country ahead by creating more job possibilities for others. Kadence was also spread to Vietnam and the Middle East. With 72X returns to the initial investors, Kadence Globally was sold to Cross Marketing Group Japan.
Years down the line, he pictures himself improving his professional skills and expanding services to new areas. He is a visionary who believes in ‘Differentiate or Die,’ and that a leader’s role is to develop more leaders rather than followers. With that in mind, he wants to continue to invest more in tomorrow’s leaders by identifying individuals who can lead the organisation ahead in terms of accountability and responsibility. He is also excited about figuring out how he can drive greater innovation and difference. Also, when he considers business culture—a location where employees spend a significant amount of time away from their families—it’s critical that we have the right leaders in place to develop a culture. When the appropriate leaders are in place, a company’s culture can exceed the expectations of its employees.
He believes that in terms of both literature and philosophy, the book Bhagwad Gita provides him with a lot of inspiration and is one of Hinduism’s most important holy writings.” It taught me how goals are important but what’s more important is doing good deeds every day. In short, one should act without being so concerned about the outcome of their actions.”- says Rajiv.
As a sports fan, he admires tennis player Roger Federer, whose perseverance and commitment have taken him to where he is now. “Believe in yourself and believe in the passion you hold in your heart,” says Rajiv. Even in uncertain times, his persistent ambition to innovate and make products faster, better, and cheaper for clients kept him in the game. Giving the clients more power to better understand their customers and expand their businesses kept driving them ahead.
Entrepreneurial guidance
Being an entrepreneur is not for the faint of heart. In truth, it’s a long way away. We all make errors, but learning from them is crucial. And among the numerous bits of advice Rajiv has to provide to new business owners, there are handfuls that always come first.
Rajiv advises always having a thorough understanding of the market. Determine the pain concerns, the size of the market, speak with target persona, and then develop an MVP. Before investing hundreds of hours and dollars, it’s critical to have something out there in the market with an MVP, and then develop and progress as you expand.
Aside from that, the second piece of advice is to never lose sight of profitability. The key goal should be for your CLV (client lifetime value) to exceed CAC (customer acquisition cost) (cost of customer acquisition). A business strategy in which a product earns its own money and is more self-sustaining is the surest path to success for an organisation.
